abrdn’s latest European mid-market core infrastructure fund has teamed up with Digi Spain to invest €300m in a Spanish fibre network rollout project.

Abrdn, through its third core infrastructure fund ASCI III, is making a “major equity investment” in a partnership with Digi Spain.

As part of Digi Spain’s expansion strategy in Andalusia, the firm intends to deploy a network covering up to 1.5m residential units over the next three years.

ASCI III and Digi Spain each intend to contribute half of a €300m investment needed for the expansion. The funding needed could also involve some bank financing.

The deal represents the second investment by Abrdn’s third core infrastructure fund which is currently fundraising. Last year, ASCI III invested in Wessex Internet, a fibre operator in the UK.

Dominic Helmsley, the head of Abrdn core infrastructure, said: “We are thrilled to announce the second transaction from our third infrastructure fund, ASCI III’s, and its first investment in continental Europe.”

Helmsley said the deal demonstrates Abrdn’s continued support of the digital infrastructure sector.

Soti Calochristos, investment director, Abrdn core infrastructure, said: “We are deeply impressed by Digi Spain’s commitment to develop high-quality infrastructure, deliver outstanding customer service and democratise access to high-speed internet through their competitive Fibra Smart offering.

”We are very excited to develop this relationship going forward and support Digi Spain’s growth in Andalusia.”

Marius Varzaru, CEO at Digi Spain, said: “Pursuant to the success and continuous growth achieved so far, the transaction with Abrdn is a natural step towards the further development of our business in Spain.

“We are looking forward to implementing our expansion in Andalusia together with Abrdn and trust that our experience and excellent relationship will ensure an efficient and stable growth in the region.”

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